The token ring auto 16/4 pcmcia card does not work with the rawhide kernel. I'm using a ThinkPad T20. It said during boot: Starting Sendmail: ibmtr_cs: MapMemPage: bad offset. I went ahead to netcfg and set tr0 up for dhcp just to check it out, and after ifup tr0 (in an Xterm under X), the whole system became unresponsive, I couldn't get to any alternate terminals or even kill X. No mouse, no nothing.
What pcmcia socket driver are you using? yenta or i82365 ? (lsmod should tell you, if unsure just paste the entire lsmod output here please)
Could you also give the output of lscpi if it is the yenta socket, or the name of the PCIC chip (from dmesg) if it is the i82365 one ? (this seems to be a socket specific bug)